- Research data by Santiment reveals why PEPE loses out to SHIB and DOGE.
- Month-old $PEPE scored 399.9% gains in the first week and entered the TOP 50.
- On-chain data reveals key differences in volume, liquidity, and $PEPE socials.
The popular memecoin Pepe (PEPE) has fallen short in its ambitious plans to overthrow the most established memecurrencies Shiba Inu (SHIB) and Dogecoin (DOGE). This became clear after blockchain data analytics company Santiment published a report regarding the on-chain metrics during the peak rallies for each of the three.
The hottest days for Pepe trading saw the daily volume reach over $2 billion. In contrast, Shiba Inu’s most conspicuous bull run produced $40 billion – 20 times more than Pepe’s. Dogecoin peaked at $70 billion during the crypto boom of 2021.
Room for Growth or Fake Hype?
It’s worth noting that Dogecoin has “a super long-lasting power,” as Changpeng ‘CZ’ Zhao said in yesterday’s Binance Ask-Me-Anything (AMA) on Twitter. The leader of the world’s top exchange refers to the mainstream media coverage of DOGE.
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However, the lack of coverage is not the only one to blame for PEPE’s inability to reach the heights of SHIB and DOGE. The executive team behind PEPE Token openly stated that the memetoken has no utility. On top of that, there’s no white paper and no named developer team members.
On the other hand, there’s a strong force behind the newly forged memecoin, which received listings from Binance and KuCoin less than a month after its arrival. While primarily because of popular demand, the coordinated attacks against crypto heavyweights CZ and Brian Armstrong are rather unconventional.
Binance was the first one to raise questions but also listed $PEPE after the vast #PepeIsLove community continuously attacked the Binance founder on Twitter. The intense pressure also proved effective on Brian Armstrong, as Coinbase’s CEO apologized for “not providing the full picture” while describing Pepe’s background in a newsletter.
On the Flipside
- Despite the lack of trading activity compared to its main rivals, PEPE reached a $1bn market cap in 19 days since launch.
- The leading canine coins, Shiba Inu (SHIB) and Dogecoin (DOGE), entered a $1bn market cap in 279 days and 2,585 days, respectively.
Why It Matters
The memecoin frenzy can bring a fair share of new retail investors into the cryptosphere.
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